First Light Asset Management, LLC
In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 14, 2025), First Light Asset Management, LLC reported 36 stock positions worth $1.0 billion. Its top holding was Paragon 28 (FNA) at 10.5% of the portfolio, followed by Centessa Pharmaceuticals (CNTA, 9.3%) and Axogen (AXGN, 7.1%). Compared with Q3 2024, it opened 9 new positions, sold out of 11, added to 9 and reduced 18. The biggest buy was a new position in Twist Bioscience (TWST) and the biggest sale Evolent Health Class A (EVH, shares −98%).
- Most Recent 13F
- Q2 2026
- Location
- Edina, MN
- CIK
- 0001600004
- Portfolio Value
- $1.0B (Q4 2024)
- SEC Filing
- 0001839882-25-009258 ↗ filed Feb 14, 2025
Holdings Value
Holdings 36 stocks · $1.0B
| FNA Paragon 28 Inc. | 10.46% | 10,580,467 | $109.3M | Add +4.2% |
| CNTA Centessa Pharmaceuticals Ltd. | 9.30% | 5,805,184 | $97.2M | Reduce -2.3% |
| AXGN Axogen Inc. | 7.11% | 4,506,795 | $74.3M | Add +10.2% |
| ATRC Atricure Inc. | 5.76% | 1,969,221 | $60.2M | Add +5.6% |
| TWST Twist Bioscience Corp. | 5.45% | 1,226,255 | $57.0M | New |
| VERA Vera Therapeutics Inc. | 5.10% | 1,261,246 | $53.3M | Add +78.8% |
| NEO Neogenomics Inc. | 4.99% | 3,167,585 | $52.2M | Add +3.0% |
| XENE Xenon Pharmaceuticals Inc. | 4.35% | 1,160,580 | $45.5M | Reduce -1.8% |
| CRNX Crinetics Pharmaceuticals Inc. | 4.33% | 885,453 | $45.3M | Reduce -6.2% |
| IRTC Irhythm Holdings Inc. | 3.71% | 430,500 | $38.8M | New |
| HCAT Health Catalyst Inc. | 3.55% | 5,241,121 | $37.1M | Add +22.0% |
| PHLT Performant Healthcare Inc. | 3.28% | 11,346,649 | $34.3M | Add +1.2% |
| INSM Insmed Inc. | 3.11% | 470,192 | $32.5M | Reduce -31.8% |
| MDXG Mimedx Group Inc. | 3.08% | 3,343,861 | $32.2M | New |
| RARE Ultragenyx Pharmaceutical Inc. | 3.07% | 763,607 | $32.1M | Add +1.1% |
| KRMD Koru Medical Systems Inc. | 2.18% | 5,915,434 | $22.8M | Add +5.7% |
| PLRX Pliant Therapeutics Inc. | 2.12% | 1,681,110 | $22.1M | Reduce -34.7% |
| EWTX Edgewise Therapeutics Inc. | 1.99% | 780,639 | $20.8M | New |
| JANX Janux Therapeutics Inc. | 1.61% | 313,782 | $16.8M | New |
| SIBN Si-Bone Inc. | 1.53% | 1,136,982 | $15.9M | Reduce -25.5% |
| KYMR Kymera Therapeutics Inc. | 1.48% | 383,310 | $15.4M | Reduce -5.7% |
| NTRA Natera Inc. | 1.41% | 93,088 | $14.7M | Reduce -49.7% |
| BFLY Butterfly Network Inc. | 1.19% | 3,994,620 | $12.5M | New |
| RGEN Repligen Corp. | 1.14% | 82,455 | $11.9M | Reduce -50.3% |
| ANAB Anaptysbio Inc. | 1.10% | 868,882 | $11.5M | Reduce -8.4% |
| GPCR Structure Therapeutics Inc. | 1.03% | 398,855 | $10.8M | Reduce -21.2% |
| TNDM Tandem Diabetes Care Inc. | 1.01% | 292,117 | $10.5M | Reduce -71.5% |
| DYN Dyne Therapeutics Inc. | 0.95% | 420,431 | $9.9M | Reduce -66.6% |
| ELDN Eledon Pharmaceuticals Inc. | 0.92% | 2,328,768 | $9.6M | New |
| GH Guardant Health Inc. | 0.90% | 309,389 | $9.5M | Reduce -52.3% |
| PODD Insulet Corp. | 0.84% | 33,821 | $8.8M | Reduce -78.7% |
| TMDX Transmedics Group Inc. | 0.83% | 139,757 | $8.7M | Reduce -47.4% |
| OSCR Oscar Health Inc. Class A | 0.70% | 546,822 | $7.3M | Reduce -69.0% |
| SENS Senseonics Holdings Inc. | 0.32% | 6,431,799 | $3.4M | New |
| EVH Evolent Health Inc. Class A | 0.06% | 53,620 | $603K | Reduce -97.7% |
| IWO iShares Russell 2000 Growth | 0.03% | 1,208 | $348K | New |
Portfolio Sells Q3 2024 → Q4 2024
| EVH Evolent Health Inc. Class A | Reduce -97.7% | 0.06% | −5.35 |
| DYN Dyne Therapeutics Inc. | Reduce -66.6% | 0.95% | −2.81 |
| TMDX Transmedics Group Inc. | Reduce -47.4% | 0.83% | −2.64 |
| CDMO Avid Bioservices Inc. | Sold out | 0.00% | −2.62 |
| TNDM Tandem Diabetes Care Inc. | Reduce -71.5% | 1.01% | −2.61 |
| OSCR Oscar Health Inc. Class A | Reduce -69.0% | 0.70% | −2.41 |
| PODD Insulet Corp. | Reduce -78.7% | 0.84% | −2.24 |
| BCYC Bicycle Therapeutics PLC-ADR | Sold out | 0.00% | −1.82 |
| ANAB Anaptysbio Inc. | Reduce -8.4% | 1.10% | −1.54 |
| OPRX Optimizerx Corp. | Sold out | 0.00% | −1.16 |
| INSM Insmed Inc. | Reduce -31.8% | 3.11% | −1.08 |
| RGEN Repligen Corp. | Reduce -50.3% | 1.14% | −0.92 |
| RLAY Relay Therapeutics Inc. | Sold out | 0.00% | −0.91 |
| GPCR Structure Therapeutics Inc. | Reduce -21.2% | 1.03% | −0.81 |
| AVTR Avantor Inc. | Sold out | 0.00% | −0.77 |
| MOH Molina Healthcare Inc. | Sold out | 0.00% | −0.76 |
| ASND Ascendis Pharma A/S | Sold out | 0.00% | −0.64 |
| NARI Inari Medical Inc. | Sold out | 0.00% | −0.60 |
| NTRA Natera Inc. | Reduce -49.7% | 1.41% | −0.54 |
| EXAS Exact Sciences Corp. | Sold out | 0.00% | −0.39 |
| GH Guardant Health Inc. | Reduce -52.3% | 0.90% | −0.33 |
| PLRX Pliant Therapeutics Inc. | Reduce -34.7% | 2.12% | −0.28 |
| SIBN Si-Bone Inc. | Reduce -25.5% | 1.53% | −0.25 |
| KYMR Kymera Therapeutics Inc. | Reduce -5.7% | 1.48% | −0.12 |
| ATEC Alphatec Holdings Inc. | Sold out | 0.00% | −0.06 |
| SONENDO INC | Sold out | 0.00% | −0.02 |
| CRNX Crinetics Pharmaceuticals Inc. | Reduce -6.2% | 4.33% | +0.32 |
| XENE Xenon Pharmaceuticals Inc. | Reduce -1.8% | 4.35% | +0.48 |
| CNTA Centessa Pharmaceuticals Ltd. | Reduce -2.3% | 9.30% | +1.40 |
Portfolio Buys Q3 2024 → Q4 2024
| TWST Twist Bioscience Corp. | New | 5.45% | +5.45 |
| FNA Paragon 28 Inc. | Add +4.2% | 10.46% | +4.81 |
| IRTC Irhythm Holdings Inc. | New | 3.71% | +3.71 |
| MDXG Mimedx Group Inc. | New | 3.08% | +3.08 |
| VERA Vera Therapeutics Inc. | Add +78.8% | 5.10% | +2.51 |
| AXGN Axogen Inc. | Add +10.2% | 7.11% | +2.34 |
| EWTX Edgewise Therapeutics Inc. | New | 1.99% | +1.99 |
| JANX Janux Therapeutics Inc. | New | 1.61% | +1.61 |
| ATRC Atricure Inc. | Add +5.6% | 5.76% | +1.41 |
| NEO Neogenomics Inc. | Add +3.0% | 4.99% | +1.22 |
| BFLY Butterfly Network Inc. | New | 1.19% | +1.19 |
| ELDN Eledon Pharmaceuticals Inc. | New | 0.92% | +0.92 |
| KRMD Koru Medical Systems Inc. | Add +5.7% | 2.18% | +0.91 |
| HCAT Health Catalyst Inc. | Add +22.0% | 3.55% | +0.64 |
| SENS Senseonics Holdings Inc. | New | 0.32% | +0.32 |
| IWO iShares Russell 2000 Growth | New | 0.03% | +0.03 |
| PHLT Performant Healthcare Inc. | Add +1.2% | 3.28% | −0.21 |
| RARE Ultragenyx Pharmaceutical Inc. | Add +1.1% | 3.07% | −0.42 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 31 | $1.6B | NEO, SIBN, AXGN, APGE, PVLA |
| Q1 2026 | 35 | $1.1B | AXGN, PVLA, NEO, SIBN, CNTA |
| Q4 2025 | 33 | $1.3B | AXGN, NEO, SIBN, PVLA, CNTA |
| Q3 2025 | 41 | $1.1B | AXGN, PHLT, CNTA, NEO, AMLX |
| Q2 2025 | 38 | $771.3M | ANAB, CNTA, PHLT, NEO, AXGN |
| Q1 2025 | 37 | $875.7M | ANAB, AXGN, CNTA, NEO, TWST |
| Q4 2024 | 36 | $1.0B | FNA, CNTA, AXGN, ATRC, TWST |
| Q3 2024 | 38 | $1.2B | CNTA, FNA, EVH, AXGN, ATRC |
| Q2 2024 | 44 | $1.1B | FNA, ATEC, CRNX, NEO, XENE |
| Q1 2024 | 50 | $1.3B | CRNX, ATEC, NTRA, XENE, PLRX |